Economy

Capital and reserves of UAE banks totaled 447.8 billion dirhams at the end of June, an annual growth of 12%.

Published

1 month ago

August 30, 2023

Capital and reserves of UAE banks totaled 447.8 billion dirhams at the end of June, an annual growth of 12%.

Total capital and reserves of banks operating in the country increased by about 48.5 billion dirhams or 12.1% year-on-year to reach 447.8 billion dirhams at the end of last June, compared to about 399.3 billion dirhams at the end of June 2022. .

Banks’ capital and reserves increased by about 4.5% or the equivalent of 19.2 billion dirhams in the first half of this year, compared to 428.6 billion dirhams at the end of last December, the Emirates Central Bank said in its monthly report. 2022, compared to one billion dirhams 442.4 last May, an increase of 1.2% on a monthly basis.

The central bank explained that banks’ capital and reserves do not include loans/secondary deposits, but they also include profit for the current year.

According to the central bank, national banks account for about 86.3% of the total capital and reserves of banks operating in the country, and their value reached 386.6 billion dirhams at the end of last June, an increase of 12.5% on a year-on-year basis. Compared to about 343.7 billion dirhams in June 2022.

The share of foreign banks reached 13.7% of the total capital and reserves of banks operating in the country, and their value reached 61.2 billion dirhams at the end of last June, an increase of about 10.1% compared to 55.6 billion on a year-on-year basis. Dirhams in June 2022.

The capital and reserves of banks in the Emirate of Dubai reached 216.7 billion dirhams at the end of last June with a year-on-year growth of 13.6%, while the capital and reserves of banks in the Emirate of Abu Dhabi reached about 196.9 billion dirhams, an increase of 11.2% year-on-year, and the capital and reserves of banks in other emirates reached about 34.2 billion. AED, with an annual increase of 8.9%.

The capital and reserves of conventional banks in the country stood at around 374.9 billion dirhams at the end of last June, an increase of 12.5% year-on-year, while the capital and reserves of Islamic banks stood at around 72.9 billion dirhams. About 10.3% on annual basis.

Nadia Barnett

“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”

Economy

Emirates News Agency – UAE stocks have added 342 billion dirhams to their market capitalization in less than 9 months.

Published

7 hours ago

September 30, 2023

Nadia Barnett

Emirates News Agency – UAE stocks have added 342 billion dirhams to their market capitalization in less than 9 months.

Saturday, September 30, 2023 – 12:42 p.m

By: Rami Samy.

ABU DHABI, 30 September / WAM / Local stock markets added 342 billion dirhams to their market capitalization in the first nine months of this year, driven by increased demand from companies and investment portfolios, and new listings based on data from the Abu Dhabi Securities Market and the Dubai Financial Market.

Markets’ market value was boosted by four new listings in the current year, including “ADNOC Gas”, “Brissite” for artificial intelligence solutions and “ADNOC Logistics and Services” on the Abu Dhabi market. Shares of “Al Ansari” Financial Services on the Dubai Financial Market.

The market capitalization of listed shares rose from 3.206 trillion dirhams at the end of last year to 3.548 trillion dirhams in the last sessions of this September, with 2.852 trillion dirhams distributed to listed shares and 696.6 billion listed shares on the Abu Dhabi Securities Market. In the Dubai Financial Market.

Local stocks attracted more than 321.6 billion dirhams in liquidity in the first nine months of the year, with 243.9 billion dirhams distributed on the Abu Dhabi Securities Market and 77.6 billion dirhams on the Dubai Financial Market, while around 87.2 billion shares were traded, including 44.6 billion shares. 42.6 billion shares in the Dubai Financial Market in Abu Dhabi and the Dubai market, by executing more than 4 million transactions in the two markets.

– Abu Dhabi Market.

The Abu Dhabi Market Index “Fadex 15” ended this September with 9496.03 points, while the FTSE Abu Dhabi General Market Index “Fadji” gained 9785.32 points and the real estate index rose 31.6. %, consumer goods around 15.6%, healthcare 7.1%, energy 3.6% and services 2.7%.

Shares of “Abu Dhabi National Hotels” achieved the biggest gain in the Abu Dhabi market since the beginning of the year, rising 161%, followed by “Buildco” with gains of 85.2%. “ADNOC Drilling” shares another 34.9%, “Aldar Properties” 30%, and “ADNOC Gas”. “23.8%, “Abu Dhabi Islamic” 23.6%, “ADNOC Logistics” 16.6%, “Abu Dhabi Ports” 12.4%, “Yahsat” 7.2%, and “Boroj” 6.1%.

“International Holding” has the largest share of the trade, attracting more than 65.6 billion dirhams in cash flow, followed by “Al-Dhabi” with about 22.1 billion dirhams, then “Multiplay” with 17.7 billion dirhams, “First Abu Dhabi” with 10.7 billion dirhams and “Aldar” with 9.1 billion dirhams. .

– Dubai market.

In the first nine months of this year, the Dubai General Market Index rose 24.8% or the equivalent of 827.5 points, from 3,336.07 points at the end of last year to 4,165.58 points in the last September sessions. Its highest levels in more than 8 years, with the index rising, real estate sector 40.9%, industrials 30%, financials 22% and services 16.1%.

The performance of the Dubai market improved with “Emaar Properties” shares rising 37.2%, “Emirates NBD” 36.9%, “Dewa” 10.3%, “Emaar Development” 58.7% and “TECOM” shares 21.8%. %, “Air Arabia” 30.7%, and “SALIC”. Stronger than “33.5%, “Dubai Investments” 13.8%, “Empower” 33.1%, “Dubai Financial Market” 5.3%, “Dubai Islamic” 2.6%, while “Gulf Navigation” 974% and “Ajman Bank” 91.5% Profit was achieved.

“Emaar Properties” accounted for the largest share of the trade, attracting about 16.2 billion dirhams, “Emirates NBD” 9.07 billion dirhams, “Ajman Bank” 5.68 billion dirhams, “Dubai Islamic” 5.5 billion dirhams and “Deva” 4.98 billion in liquidity. Dirham.

Ahmad al-Boutli/Rami Samih

Nadia Barnett

“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”

Economy

4 new AI tools you can use to edit photos on Instagram

Published

15 hours ago

September 30, 2023

Nadia Barnett

4 new AI tools you can use to edit photos on Instagram

As part of Meta’s Connect conference last Wednesday, Mark Zuckerberg revealed several creative AI features that will be useful for some content creators and influencers. For example, users will be able to use Meta’s AI technology, revealed as Emu. In the Instagram app.

Zuckerberg said Meta will begin rolling out these photo-editing and generative AI tools to Instagram “in about a month,” and Meta’s Emu technology will take seconds to generate images, Zuckerberg said during the Connect conference.

In addition to photo editing tools, Meta is already releasing AI stickers that use Emu and Llama 2 technology, and advanced applications of AI will soon appear in Meta apps in the form of chatbots or AI-powered assistants. Meta will begin testing the beta feature immediately.

Here’s a full rundown of the new AI features Meta brings to Instagram:

– New photo editing tools in the Instagram app:

Like many apps and generative AI filters that are ubiquitous on TikTok, Instagram is adopting its own generative AI tools. Users can also edit photos by “re-styling”, which changes the artistic style of the photo, similar to altering the photo. A watercolor, or “background,” that allows users to replace the background of the image with an illustration.

Any image edited using these tools “represents the use of artificial intelligence,” Mitta wrote in a blog post.

– AI-generated stickers for use in direct messages:

Instead of sticking with Instagram’s existing preloaded stickers or emojis, Meta is rolling out a new tool that lets users create unique stickers using AI. Meta wrote in his blog post that the feature will be rolling out to “select English users next month.”

AI stickers are also available in Instagram features like Live Messages and Stories, and other apps like WhatsApp, Messenger and Facebook’s Stories feature.

– Interactive AI bots – or characters:

In addition to its general AI assistant called “Meta AI,” Meta is working with celebrities and influencers to develop 28 AI chatbots. The first cast uses celebrities and popular influencers like Tom Brady and Kendall Jenner. MrBeast, LaurDIY, and Charli D. Amelio and the AI characters will have their own profiles on Instagram and Facebook.

– Creators will be able to build their own robots in the future:

“We’re building a platform to build AI that can help you do things or have fun,” Zuckerberg said. “The way it works is that people can interact with these AI systems across the entire product universe. .”

Zuckerberg pitched these AI bots as a potential way for creators to “engage” with their communities. The creator of these bots should be “authorized” and “directly controlled,” Meta wrote in a blog post. Already, many startups have released AI tools. Similar applications allow creators to create AI versions such as Afterparty or Render Media.

Nadia Barnett

“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”

Economy

Inflation in the euro zone fell to its lowest level in a year

Published

23 hours ago

September 30, 2023

Nadia Barnett

Inflation in the euro zone fell to its lowest level in a year

Economic data released today on Friday showed that the euro zone’s core inflation rate fell to its lowest level in nearly a year this month, bolstering expectations that the European Central Bank will keep interest rates on hold at its next meeting to assess. The consequences of an unprecedented campaign to raise interest rates throughout the past.

European statistics agency Eurostat reported today that sales, excluding highly volatile items such as food and energy, fell to 4.5% this September, while analysts polled by Bloomberg News had expected a drop of 4.8%, compared with 5.3%. In the month, in the past.

At the same time, the headline inflation rate eased to 4.3% this month from 5.2% last August, the lowest level in nearly two years and well below expectations, thanks to a fall in energy prices. Accelerating rate of rise in prices of services.

The data released today is a strong indication that core inflation, a key measure for the central bank’s monetary policymakers, is on a downward path following a period of statistical deterioration over the summer months.

Despite the decline, general and core inflation rates have been more than twice the central bank’s target of 2% annually.

At the same time, there is a wide disparity in inflation rates between the euro zone’s twenty member states, with the inflation rate in Germany falling to its lowest level in two years this month, while the rate in Spain rose by more than 3. % again.

The current September consumer price inflation rate showed a new decline, reaching its lowest level in more than a year and a half, with the Italian statistics office saying the inflation rate fell to 5.3 for the current month. % y/y compared to 5.4% last month, while the core inflation rate, excluding highly volatile food and energy prices, fell to 4.6% this month, down from 4.8% last month.

Nadia Barnett

“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”